Home equity loans are secondary loans made to the principle mortgage on a house. Understand how home equity loans work on both ends withtips and advice from an experienced financial adviser in this free video. Expert: Patrick Munro Contact: www.northstarnavigator.com Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer marketplace. Filmmaker: Reel Media LLC
Posts Tagged ‘Loans’
Investment Finance Tips : How Do Home Equity Loans Work
Sunday, February 28th, 2010Key Home Equity Loan Considerations
Wednesday, February 10th, 2010www.stopforeclosurekit.US Home Equity Loans involve the following factors Monthly Payment Costs, The Annual Percentage Rate (APR), Is the Interest Rate Variable or Fixed, Length of the Repayment Period, Loan or Line of Credit?, Beware of Balloon Payment Loans, Your Cost in Terms of Points and Fees, Lender Fees, Penalties, Credit Life, Disability and Unemployment Insurance.
Investment Finance Tips : Lowering Home Equity Loans
Saturday, January 23rd, 2010Home equity lines of credit have lowered in recent years because banks have loaned out more than some houses are worth. Understand why banks are lowering home equity lines of creditthrough tips and advice from an an experienced financial adviser in this free video. Expert: Patrick Munro Contact: www.northstarnavigator.com Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer …
Home Loans & Equity Advice : How to Calculate Home Equity Loan
Sunday, January 10th, 2010Calculating a home equity loan requires knowing the interest rate of the loan, the term and amount. Formulate a home equity line of credit payment schedule, which differs from a home equity loan, with advice from a licensed mortgage broker in this free video on home loans and equity. Expert:…
Home Equity Loans – 3 Tips to Smarter Borrowing
Saturday, December 12th, 2009There is no question that home equity loans have become the biggest tool for homeowners to get their hands on the cash they need. And used correctly, these loans are also a smart way to borrow needed funds for things like medical expenses, debt repayment and home improvements. With that said, here are 3 tips to help you in finding a great deal on a home equity loan.
1. Shop For Rates And Avoid Fees
Many home owners don’t realize that lending rates on loans are different. They mistakenly believe that all lenders will loan money at about the same interest rate. Nothing could be further from the truth.
Home equity loan rates could vary by up to 5% in some cases, and on a $100,000 loan that is serious money. Get at least 3 different loan comparisons before making a decision. Yes, that may take extra time, but it could be worth thousands of dollars. Thousands of dollars of your money.
Also, be aware of loan fees. Lenders should not be charging you for an application fee or an appraisal fee. Nor should they add fees into the loan amount. Where a lender may add on a fee is with a home equity line of credit. They may charge an annual fee.
2. Understand Tax Rules
Many borrowers mistakenly believe that interest on any home equity loan will be tax deductible each year. This just is not true.
Interest on loans up to $100,000 may be tax deductible, but any amount over that will not be deductible.
Also, in order to deduct the interest you will have to be able to itemize your tax return. Will you have the deductions to be able to do this?
3. Understand Your Home Is On The Line
Not only are you putting your home on the line in the event you are unable to repay your loan, but you are also sucking out your home’s equity. Be sure that you are not planning on moving in the next few years or you could be in financial trouble.
Be careful in using the money for home improvements. Ask yourself if you will be able to get the value back out of your home when you go to sell it. In some cases the answer may be no.
By following these tips you can make a smarter decision in taking out any type of home equity loan.
By the way, you can learn more about a <a href="http://www.HomeEquityLoansA-z.com/Home_Equity_Loans_-_3_Tips_To_Smarter_Borrowing.html” rel=”nofollow”>Home Equity Loan as well as more information on everything to do with home equity loans and home equity lines of credit by visiting http://www.HomeEquityLoansA-z.com
WP Robot
WP Robot
Home Equity Loans – Tips to Get Out of Debt
Wednesday, December 9th, 2009Home equity loans can be an excellent source of funds when used wisely. One of the ways in using the cash from a home equity loan is to consolidate your debts.
Why is it wise to consolidate your debt with the money from your home equity? There are several good reasons which include:
-Paying a much lower interest rate than you pay on your credit cards. In some cases it can be a third of what a credit card company is charging.
-You can most likely deduct the interest expense on your home equity loan whereas you can not on credit cards. This is a huge benefit.
-All your debts are consolidated into one monthly loan payment.
So, what are your options when it comes to using your home equity to pay off your debts? Again, you have choices you can take advantage of including:
Home Equity Loan
Also known as a second mortgage, you can take the equity in your home and borrow against it at a favorable rate of interest. You get the cash in one lump sum and can then pay off your debts or use it how you wish.
Home Equity Line Of Credit
Similar in nature to a credit card, HELOC allows you to draw funds from your home equity and only make payments on that amount, not on an entire loan.
Cash-Out Refinance
This is the third option you have and involves refinancing your existing home mortgage. You would refinance the new mortgage at a greater amount and take the extra money in cash. For example, you want to pay off $25,000 in credit card debt and owe $150,000 on your current mortgage. You could do a cash-out refinance to a new loan amount of $175,000.
Using your home equity to pay off high interest debts can be a wise decision if done right. Just be careful to not start using those credit cards again.
By the way, you can learn more about <a href="http://www.HomeEquityLoansA-z.com/Home_Equity_Loans_-_Tips_To_Get_Out_Of_Debt.html” rel=”nofollow”>Home Equity Loan Tips To Get Out Of Debt as well as more information on everything to do with home equity loans and home equity lines of credit by visiting http://www.HomeEquityLoansA-z.com
Home Solar Power System
Home Solar Power System
Cheap Loans Best Federal Loans for Graduate Students Home Equity Loans – How Home Equity Loans
Tuesday, December 8th, 2009I’ve unlocked the door that leads to unlimited funds Yes you read that right, UNLIMITED funds. That might seem like a stretch, but it’s not. Let me explain with a unique analogy. Do you know how computers communicate? This may sound techie and boring, but I promise it will help you understand…
Comedy Time – Turae: Student Loans
Wednesday, December 2nd, 2009Turae reflects on his college career and the repercussions of not repaying student loans.
Home Equity
Tuesday, December 1st, 2009A home equity loan means borrowing money from a bank against the equity that you currently have in your home. The equity is the value of your home minus the amount of the mortgage that you have.
Video Blog – Home Equity Loans
Saturday, November 21st, 2009In this short video I want to share five thoughts that will help to get you on the right track to becoming mortgage free. Many people have probably heard scary stories about home equity loans, and there is good reason for that. Hear what I have to share.